The world’s biggest watch event opens to the public Thursday in Basel, Switzerland, on the back of a bumper year thanks to Asian demand for luxury timepieces.

Hublot, a subsidiary of French luxury goods group LVMH, will use the high-profile event to unveil “The $5 million” a watch comprising no less than 1,282 diamonds.

“This is the most precious watch ever created by Hublot and its long-standing partner, Atelier Bunter in Geneva,” said Hublot. The piece is the result of 14 months work, including that of a “master-cutter” from New York who fashioned the largest stones.

Jean-Claude Biver, president of the watch company, said it would be difficult to make a more expensive watch “because the surface of the watch is limited.”

The watch will be displayed under very tight security, a company spokeswoman said, and only select Baselworld attendees will even be allowed to view it.